If you’re looking for a platform to buy and sell crypto in Canada, Newton Crypto might be a great option. Perfect for beginners, Newton Crypto offers a variety of coins and makes it quick and easy to fund your account.
Let’s take a closer look at the crypto trading platform to see how it may differ from other Canadian crypto exchanges.
Who Is Newton Crypto?
Newton is a Canadian cryptocurrency exchange based in Toronto and is particularly popular among newbie crypto traders thanks to the platform’s easy-to-use interface. Established in 2018, the company may be relatively new but has exploded in growth and now has about 200,000 users under its belt.
Earlier in 2022, Newton reached a company valuation of $200 million, proving the company to be a strong competitor in the crypto exchange industry.
Newton Crypto Features
Newton supports dozens of cryptocurrencies, and users can enjoy access to perks like instant verification, high liquidity, and no trading fees. Here are some of the features Newton comes with:
Instant Account Verification
Many crypto trading platforms take hours, and sometimes days, to verify new users. With Newton, you can enjoy instant account verification and won’t have to miss out on any short-term price fluctuations.
Multiple Account Funding Options
After your account has been verified, you can fund it in a few ways:
- Interac e-Transfer
- Wire transfer
- Cryptocurrency deposits from a crypto wallet
Third-Party Custody
Newton users can rest easy knowing their crypto is stored in cold storage at top-notch storage facilities thanks to the company’s third-party custodian partnerships. Offline storage is a crucial security feature because it makes digital assets nearly impossible to hack or steal. Moreover, Newton amps up its security by performing daily backups off-site to minimize fraud.
iOS, Android, And Web Access
Newton is available on iOS, Android, and web browsers, so you’ve got lots of options when it comes to buying, selling, or trading your digital assets.
Competitive Spreads
Newton buys crypto at a certain market price and then sells it to users at a markup. This difference is called the “spread” and is how Newton makes money. Compared to other crypto trading platforms, Newton’s spreads are relatively competitive, keeping more money in your pocket.
High Liquidity
Newton is partnered with DV Trading, a proprietary trading organization with access to large liquidity pools making it easy and quick to buy or sell crypto on Newton.
No Commission Fees
The typical crypto trading platform charges commissions per trade. Newton, on the other hand, does not charge any commission fees per trade.
Types Of Cryptocurrencies You Can Trade On Newton
Newton offers more than 60 cryptocurrencies to trade. Here are some of the more popular ones:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
- Terra (LUNA)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Uniswap (UNI)
- Polygon (MATIC)
- SushiSwap (SUSHI)
- Dai (DAI)
- Polkadot (DOT)
- OMG Network (OMG)
How Does Newton Work?
Using Newton is easy. Just follow these steps to fund and withdraw from your account:
Fund Your Newton Account
Before you start trading, you’ll need funds in your account first. To add money, just click on the box on display, and a menu will appear, giving you a few options to fund your account:
- Wire Transfer. This mode of funding your account is free but can take a few days to complete.
- Interac e-Transfer. Transfering fiat currencies from your bank account is free and takes just a few minutes.
- Transfer From Another Crypto Wallet. If you already have some crypto in another wallet, you can transfer it nearly instantly into your Newtown account.
Your dashboard will display how much money you have in your account.
Withdrawing From Your Newton Account
If you want to take money out of your account, simply click on the upward-pointing arrow on the right side of your screen. A menu will appear, giving you some options to withdraw from your account:
- Interac e-Transfer. Transfer money into your bank account for free through e-Transfer, which should appear in your account within a couple of hours.
- Direct Deposit To A Bank Account. Direct deposits are free but can take up to five business days to appear in your account.
- Transfer To Another Crypto Wallet. Sending crypto to another wallet is nearly instant, but comes with a cost, depending on what the network transaction fee is at the time of withdrawal.
Newton Crypto Fees
Newton does not charge trading fees, nor any fees to deposit or withdraw funds to and from your account. Instead, Newton makes money off the spread between the bid and ask prices when you buy or sell crypto, which is usually anywhere from 0.5% to 0.7% and is built-in to your trade. Newton also covers the first $5 in network fees for every trade.
Find out if you should invest in Crypto directly or as an ETF?
How To Sign Up For An Account On Newton?
It only takes a few minutes to open and verify an account with Newton. You’ll need to provide a few pieces of information about yourself so Newton remains in compliance with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and fulfills the Know Your Customer (KYC) reporting requirements:
- Full name
- Address
- Email address
- Phone number
- Government-issued photo ID
- In-app selfie
Once your account is open and verified, you can fund it and start trading crypto right away.
Newton Crypto FAQs
Is Newton Crypto safe?
Is Newton Crypto regulated in Canada?
What cryptocurrencies can I trade on Newton Crypto?
Final Thoughts
Newton Crypto is a well-rounded cryptocurrency exchange. It’s easy to fund your account, takes just minutes to get verified, and offers dozens of popular coins to buy and sell. If you’re looking for an accessible and user-friendly crypto trading platform, Newton Crypto may be one you should consider.
